While our ownership mechanisms may not be identical to those of Japan, it certainly seems that both Enron and now the monolines effectively established keiretsu and, one could argue, the monolines behave and are treated by the banking industry much the same as keiretsu.
Jubak paints a summary of the conditions that the Japanese markets transitioned through and the points of similarity are remarkable and frightening.
Seems that ol' Doc Bernanke fired up the De Lorean, punched through 88 miles an hour and landed us in Japan, circa 1990-ish.
私達は深いたわごとに今ある!
(That's supposed to say - "We are in deep shit now!)
Saturday, February 02, 2008
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